RDC - Ensco Sweetens The Offer For Rowan
It turned out that the dissatisfaction of at least one Rowan (RDC) shareholder, Canyon Capital, was enough to make Ensco (ESV) sweeten the bid for the company. Ensco has just announced that it was increasing the exchange ratio in Ensco-Rowan merger, offering Rowan shareholders 2.6 Ensco share per each Rowan share compared to 2.215 shares offered previously. This is a 17.4% improvement to the previous bid. Previously, I believed that the merger was a one-sided deal that favored Ensco. Let's look at this proposed merger once again after the increase of